pee
If a life insurance risk is rejected based on information in a investigative report, the applicant must
Must be given the name and address of the reporting company
Third-party ownership of a policy means
The insured does not own the policy
Term insurance will never provide
A living benefit
This type of life insurance always has a level premium
Whole
On a joint survivorship life policy, who would collect
Beneficiaries of the second to die
On the graded death benefit of a substandard life risk, the insured pays the standard premium for a $20,000 policy, but would probably have this amount of coverage for the face amount
$15,000
An underwriter’s purpose is to protect insurance company from
Adverse selection
If the insured lives to age 100 on whole life coverage, the cash value would be _____ face amount
Equal
Replacement of life insurance supplies only to the following
Group life
If you let your life policy lapse within, how many years, will you be allowed to reinstate it?
3
what factor is not used to determine life insurance rates?
Mortality
Life underwriting is generally ______ for individual than group policies
More restrictive
Their premium paid on whole life would be ____ at age 25, then age
Same
If you were bragging about life policy dividends, you must state to buyer that they are
Not guaranteed
This provision would waive the child’s premium on their policy should the parent die, or become disabled?
Payor benefit
The frequency of paying premiums refers to
Premium mode
When initial premium is not paid, the contract is
Invalid
The premium unlimited payment whole life versus continuous pay whole life will be
More
Designed to protect against living too long and provides a lifetime income
Annuities
This life policy based on money, purchased concept, allows the insured to adjust the policy, face amount, premium, and length of protection
Adjustable life
When you reduce the number of payments made by the insured, their premium would
Go down
A conditional receipt means for a standard risk that the
Coverage becomes effective on the date of application
The cash value unlimited payment, whole life versus continuous pay whole life would be
More
A participating life policies dividends must start by the end of what year
1st
This life product could be defined as a one year, renewable term, insurance, and a cash account realizing current interest rates
Universal life